How To Refinance Your Mortgage With Bad Credit

By Mijnadviseur

Having bad credit limits your options in choosing a mortgage or loan. Not only do you pay higher fees and more interest because of a credit score, many of the regular mortgage forms are not even available if you have less than stellar credit.

Despite the limited options, you can get a mortgage refinance with bad credit. It just takes a little more preparation than it would take with good credit. One of the first things you should think about is consulting with a mortgage broker. Preferably a mortgage broker that specializes in bad credit cases.

Everyone is entitled to a free copy of their credit report once a year. You can find plenty of information online and in other places about improving your credit score. Just because something shows on your credit report, doesn't necessarily make that the truth. If you spot a mistake, contact the company or organization and dispute the false credit record. If you're proven to be right, this may result in your credit score improving.

If you succeed in getting your credit score improved, you will get more options and a lower interest rate on your refinance.

Seek out an expert when trying to do a refinance with bad credit. If you seek the help of a mortgage advisor specializing in bad credit, be honest. If you don't give all the relevant information, or you hold information back, you make it very difficult for a mortgage advisor to help you. You may even get the wrong advice because of a lack of information.

About the Author:

Mijnadviseur is an organization that writes about financial matters and mortgages. They also write articles about oversluiten hypotheken and hypotheekadviseur in Dutch.